EX-99.1 2 umbf-ex99_1.htm EX-99.1

Exhibit 99.1

UMB Financial Corporation News Release

1010 Grand Boulevard

Kansas City, MO 64106

816.860.7000

umb.com

//FOR IMMEDIATE RELEASE//

Media Contact: Stephanie Hollander: 816.729.1027

Investor Relations Contact: Kay Gregory: 816.860.7106

UMB Financial Corporation Reports Third Quarter 2025 Results

Third Quarter 2025 Financial Highlights

•
GAAP net income available to common shareholders of $180.4 million, or $2.36 per diluted common share, an increase of 64.5% as compared to the third quarter of 2024.
•
Net operating income available to common shareholders(i) of $206.5 million, or $2.70 per diluted common share, an increase of 87.2% as compared to the third quarter of 2024.
•
Third quarter 2025 return on average assets of 1.04% and return on average common equity of 10.14%.
•
Efficiency ratio improved to 58.1% as compared to 61.7% in the third quarter of 2024.
•
Net interest margin on a fully taxable equivalent basis of 3.04%, up 58 basis points from the third quarter of 2024.
•
Average loans increased 8.0% on a linked-quarter annualized basis to $37.1 billion; average loans increased $12.8 billion, or 52.3%, as compared to the third quarter of 2024. End-of-period loans were $37.7 billion at September 30, 2025.
•
Average deposits increased 8.0% on a linked-quarter annualized basis to $56.8 billion. End-of-period deposits were $60.1 billion at September 30, 2025.
•
Expenses of $419.3 million included $35.6 million in acquisition-related costs.
•
Noninterest income increased 28.1% to $203.3 million compared to the third quarter of 2024.
•
Total assets at September 30, 2025 were $71.9 billion, up 51.3% from $47.5 billion as of September 30, 2024.
•
Successfully integrated Heartland Financial, USA, Inc. (HTLF) to UMB's core systems in mid-October.

(i) A non-GAAP financial measure reconciled later in this release to the nearest comparable GAAP measure.

KANSAS CITY, Mo. (October 28, 2025) – UMB Financial Corporation (Nasdaq: UMBF), a financial services company, announced net income available to common shareholders for the third quarter of 2025 of $180.4 million, or $2.36 per diluted share, compared to $215.4 million, or $2.82 per diluted share, in the second quarter (linked quarter) and $109.6 million, or $2.23 per diluted share, in the third quarter of 2024.

Net operating income available to common shareholders, a non-GAAP financial measure reconciled later in this release to net income available to common shareholders, the nearest comparable GAAP measure, was $206.5 million, or $2.70 per diluted share, for the third quarter of 2025, compared to $225.4 million, or $2.96 per diluted share, for the linked quarter and $110.4 million, or $2.25 per diluted share, for the

third quarter of 2024. Operating pre-tax, pre-provision income (operating PTPP), a non-GAAP measure reconciled later in this release to the components of net income before taxes, the nearest comparable GAAP measure, was $293.4 million, or $3.84 per diluted share, for the third quarter of 2025, compared to $309.2 million, or $4.06 per diluted share, for the linked quarter, and $154.6 million, or $3.15 per diluted share, for the third quarter of 2024. These operating PTPP results represent a decrease of 5.1% on a linked-quarter basis and an increase of 89.8% compared to the third quarter of 2024.

“We are extremely pleased to have completed the final milestone of our Heartland Financial USA, Inc. acquisition by successfully executing the systems and brand conversion following the third quarter,” said Mariner Kemper, UMB Financial Corporation chairman and chief executive officer. “I am incredibly proud of the teams that have been working around the clock to make this a smooth and seamless transition for all our clients as well as our associates, and are excited to be operating as one company. Additionally, the combined teams continued to deliver on our business fundamentals as evidenced by our strong third quarter results, which set a new record for loan production and also drove strong fee income, stable credit quality, and continued positive operating leverage.

“Additionally, our third quarter results once again demonstrate the strength of our diversified business model, with strong organic growth momentum supplemented by the early successes from our acquired markets. Average loans and deposits both increased 8.0% annualized on a linked-quarter basis. Gross loan production for the third quarter was a record high at $2.1 billion, and average commercial and industrial loans increased 14.2% on a linked-quarter annualized basis. Noninterest income, excluding investment gains or losses, increased 12.4% to $207.4 million. Net charge-offs on legacy UMB loans averaged only eight basis points of average loans in the third quarter, down from 13 basis points in the prior quarter.”

Third Quarter 2025 earnings discussion

Note: The acquisition of HTLF closed on January 31, 2025; as such, financial results for the second and third quarters of 2025 include the impact from the acquired operations. Financial results in the third quarter of 2024 were impacted by $2.6 million in acquisition-related expense and do not include any impact of the acquired operations of HTLF.

Summary of quarterly financial results |  | UMB Financial Corporation |
(unaudited, dollars in thousands, except per common share data) |  |  |  |  |  |  |  |  |
|  | Q3 |  |  | Q2 |  |  | Q3 |
|  | 2025 |  |  | 2025 |  |  | 2024 |
Net income (GAAP) |  | $ | 188,316 |  |  | $ | 217,394 |  |  | $ | 109,643 |
Net income available to common shareholders (GAAP) |  |  | 180,372 |  |  |  | 215,382 |  |  |  | 109,643 |
Earnings per common share - diluted (GAAP) |  |  | 2.36 |  |  |  | 2.82 |  |  |  | 2.23 |
Operating pre-tax, pre-provision income (Non-GAAP)(i) |  |  | 293,383 |  |  |  | 309,182 |  |  |  | 154,594 |
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)(i) |  |  | 3.84 |  |  |  | 4.06 |  |  |  | 3.15 |
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i) |  |  | 301,697 |  |  |  | 317,473 |  |  |  | 161,195 |
Operating pre-tax, pre-provision earnings per common share - FTE - diluted (Non-GAAP)(i) |  |  | 3.95 |  |  |  | 4.17 |  |  |  | 3.28 |
Net operating income available to common shareholders (Non-GAAP)(i) |  |  | 206,546 |  |  |  | 225,379 |  |  |  | 110,358 |
Operating earnings per common share - diluted (Non-GAAP)(i) |  |  | 2.70 |  |  |  | 2.96 |  |  |  | 2.25 |
GAAP |  |  |  |  |  |  |  |  |
Return on average assets |  |  | 1.04 | % |  |  | 1.29 | % |  |  | 1.01 | %
Return on average common equity |  |  | 10.14 |  |  |  | 12.72 |  |  |  | 12.63 |
Efficiency ratio |  |  | 58.09 |  |  |  | 53.38 |  |  |  | 61.69 |
Non-GAAP(i) |  |  |  |  |  |  |  |  |
Operating return on average assets |  |  | 1.20 | % |  |  | 1.35 | % |  |  | 1.01 | %
Operating return on average common equity |  |  | 11.61 |  |  |  | 13.31 |  |  |  | 12.71 |
Operating efficiency ratio |  |  | 53.02 |  |  |  | 51.48 |  |  |  | 61.46 |

(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.

Summary of year-to-date financial results |  | UMB Financial Corporation |
(unaudited, dollars in thousands, except per share data) |  | September |  |  | September |
|  | YTD |  |  | YTD |
|  | 2025 |  |  | 2024 |
Net income (GAAP) |  | $ | 487,043 |  |  | $ | 321,246 |
Net income available to common shareholders (GAAP) |  |  | 475,074 |  |  |  | 321,246 |
Earnings per common share - diluted (GAAP) |  |  | 6.53 |  |  |  | 6.56 |
Operating pre-tax, pre-provision income (Non-GAAP)(i) |  |  | 835,858 |  |  |  | 458,885 |
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP)(i) |  |  | 11.49 |  |  |  | 9.37 |
Operating pre-tax, pre-provision income - FTE (Non-GAAP)(i) |  |  | 859,968 |  |  |  | 478,409 |
Operating pre-tax, pre-provision earnings per common share - FTE - diluted (Non-GAAP)(i) |  |  | 11.82 |  |  |  | 9.76 |
Net operating income available to common shareholders (Non-GAAP)(i) |  |  | 600,803 |  |  |  | 336,943 |
Operating earnings per common share - diluted (Non-GAAP)(i) |  |  | 8.26 |  |  |  | 6.88 |
GAAP |  |  |  |  |  |
Return on average assets |  |  | 0.98 | % |  |  | 1.01 | %
Return on average common equity |  |  | 9.84 |  |  |  | 13.13 |
Efficiency ratio |  |  | 58.48 |  |  |  | 62.82 |
Non-GAAP(i) |  |  |  |  |  |
Operating return on average assets |  |  | 1.23 | % |  |  | 1.06 | %
Operating return on average common equity |  |  | 12.45 |  |  |  | 13.77 |
Operating efficiency ratio |  |  | 53.21 |  |  |  | 61.12 |

Summary of revenue |  | UMB Financial Corporation |
(unaudited, dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Q3 |  |  | Q2 |  |  | Q3 |  |  | CQ vs. |  |  | CQ vs. |
|  | 2025 |  |  | 2025 |  |  | 2024 |  |  | LQ |  |  | PY |
Net interest income |  | $ | 475,042 |  |  | $ | 467,024 |  |  | $ | 247,376 |  |  | $ | 8,018 |  |  | $ | 227,666 |
Noninterest income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust and securities processing |  |  | 87,926 |  |  |  | 83,263 |  |  |  | 74,222 |  |  |  | 4,663 |  |  |  | 13,704 |
Trading and investment banking |  |  | 7,026 |  |  |  | 6,170 |  |  |  | 7,118 |  |  |  | 856 |  |  |  | (92 | )
Service charges on deposit accounts |  |  | 29,150 |  |  |  | 28,865 |  |  |  | 20,089 |  |  |  | 285 |  |  |  | 9,061 |
Insurance fees and commissions |  |  | 307 |  |  |  | 189 |  |  |  | 282 |  |  |  | 118 |  |  |  | 25 |
Brokerage fees |  |  | 20,470 |  |  |  | 20,525 |  |  |  | 15,749 |  |  |  | (55 | ) |  |  | 4,721 |
Bankcard fees |  |  | 29,561 |  |  |  | 29,018 |  |  |  | 22,394 |  |  |  | 543 |  |  |  | 7,167 |
Investment securities (losses) gains, net |  |  | (4,093 | ) |  |  | 37,685 |  |  |  | 2,623 |  |  |  | (41,778 | ) |  |  | (6,716 | )
Other |  |  | 32,951 |  |  |  | 16,470 |  |  |  | 16,266 |  |  |  | 16,481 |  |  |  | 16,685 |
Total noninterest income |  | $ | 203,298 |  |  | $ | 222,185 |  |  | $ | 158,743 |  |  | $ | (18,887 | ) |  | $ | 44,555 |
Total revenue |  | $ | 678,340 |  |  | $ | 689,209 |  |  | $ | 406,119 |  |  | $ | (10,869 | ) |  | $ | 272,221 |
Net interest income (FTE) |  | $ | 483,356 |  |  | $ | 475,315 |  |  | $ | 253,977 |  |  |  |  |  |  |
Net interest margin (FTE) |  |  | 3.04 | % |  |  | 3.10 | % |  |  | 2.46 | % |  |  |  |  |  |
Total noninterest income as a % of total revenue |  |  | 30.0 |  |  |  | 32.2 |  |  |  | 39.1 |  |  |  |  |  |  |

Net interest income

•
Third quarter 2025 net interest income totaled $475.0 million, an increase of $8.0 million, or 1.7%, from the linked quarter, driven primarily by continued organic growth in average loans and

average earning assets. These increases were partially offset by higher interest expense driven by an increase of $1.7 billion in average interest-bearing deposits and mix changes and lower purchase accounting accretion income.
•
Average earning assets increased $1.7 billion, or 2.7%, from the linked quarter, largely driven by increases of $1.3 billion in average securities and $731.8 million in average loans.
•
Average interest-bearing liabilities increased $1.7 billion, or 3.9%, from the linked quarter, primarily driven by an increase of $1.7 billion, or 4.0%, in interest-bearing deposits. Average noninterest-bearing deposits decreased $544.4 million, or 3.8%, as compared to the linked quarter.
•
Net interest margin for the third quarter was 3.04%, a decrease of six basis points from the linked quarter, due to higher yields on interest-bearing deposits driven by strong growth in higher-cost asset servicing client deposit balances, lower yields on loans due to lower purchase accounting accretion income, and a three-basis-point impact from lower benefit from free funds.
•
On a year-over-year basis, net interest income increased $227.7 million, or 92.0%, driven by a $22.1 billion, or 53.8%, increase in average earning assets, primarily due to rate and mix changes related to the acquisition of HTLF. Average loans increased $12.8 billion, average securities increased $6.3 billion, and average interest bearing due from banks increased $2.7 billion.
•
Average deposits increased 60.8% compared to the third quarter of 2024, reflecting strong organic growth as well as the impact of acquired HTLF balances, partially offset by intentional decline in brokered certificate of deposit balances. Average interest-bearing deposits increased 66.4%, and noninterest-bearing demand deposit balances increased 45.9% compared to the third quarter of 2024. Average demand deposit balances comprised 24.4% of total deposits, compared to 25.9% in the linked quarter and 26.9% in the third quarter of 2024.
•
Average borrowed funds decreased $27.7 million as compared to the linked quarter and decreased $836.6 million as compared to the third quarter of 2024, driven by the repayment of the 2020 subordinated debt issuance during the third quarter of 2025 as well as repayment of borrowings under the BTFP and FHLB advances during the fourth quarter of 2024.

Noninterest income

•
Third quarter 2025 noninterest income decreased $18.9 million, or 8.5%, on a linked-quarter basis, largely due to:
o
A decline of $41.8 million in investment securities gains, primarily driven by the pre-tax gain of $29.4 million on the company's investment in Voyager Technologies, Inc., which completed its initial public offering in June 2025, coupled with pre-tax gains of $8.2 million on the sale of two non-marketable investments in the second quarter, as well as $7.1 million in net losses on the company's marketable securities during the third quarter.
o
These decreases were partially offset by the following increases:
▪
Increases of $7.3 million in company-owned life insurance income, $5.0 million in bank-owned life insurance income, $2.5 million related to a legal settlement in the third quarter, and $1.9 million in derivative income, all recorded in other income. The increase in company-owned life insurance was offset by a proportionate increase in deferred compensation as noted below.
▪
An increase of $4.7 million in trust and securities processing, primarily due to increases of $1.9 million in fund services income, $1.5 million in corporate trust income, and $1.2 million in trust income.

•
Compared to the prior year, noninterest income in the third quarter of 2025 increased $44.6 million, or 28.1%, primarily driven by:

o
Increases of $5.0 million in bank-owned life insurance income, $3.8 million in derivative income, $3.7 million in company-owned life insurance income, and a $2.5 million legal settlement in the third quarter, all recorded in other income. The increase in company-owned life insurance was offset by a proportionate increase in deferred compensation as noted below.
o
An increase of $13.7 million in trust and securities processing driven by increases of $6.4 million in trust income, $4.0 million in fund services income, and $3.3 million in corporate trust income.
o
An increase of $9.1 million in service charges on deposit accounts, primarily driven by increased service charge income on interest-bearing checking accounts, largely due to the HTLF acquisition and increased corporate service charges income.
o
Increases of $7.2 million in bankcard income due to increased interchange income, partially offset by increased rebate expense, and $4.7 million in brokerage income due to higher 12b-1 fees and money market income.
o
These increases were partially offset by a decrease of $6.7 million in investment securities gains, primarily driven by $7.1 million in net losses on the company's marketable securities during the third quarter.

Noninterest expense

Summary of noninterest expense |  | UMB Financial Corporation |
(unaudited, dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Q3 |  |  | Q2 |  |  | Q3 |  |  | CQ vs. |  |  | CQ vs. |
|  | 2025 |  |  | 2025 |  |  | 2024 |  |  | LQ |  |  | PY |
Salaries and employee benefits |  | $ | 220,329 |  |  | $ | 213,551 |  |  | $ | 146,984 |  |  | $ | 6,778 |  |  | $ | 73,345 |
Occupancy, net |  |  | 19,149 |  |  |  | 18,571 |  |  |  | 12,274 |  |  |  | 578 |  |  |  | 6,875 |
Equipment |  |  | 16,563 |  |  |  | 16,426 |  |  |  | 15,988 |  |  |  | 137 |  |  |  | 575 |
Supplies and services |  |  | 10,492 |  |  |  | 6,383 |  |  |  | 4,967 |  |  |  | 4,109 |  |  |  | 5,525 |
Marketing and business development |  |  | 11,094 |  |  |  | 11,344 |  |  |  | 6,817 |  |  |  | (250 | ) |  |  | 4,277 |
Processing fees |  |  | 45,008 |  |  |  | 43,638 |  |  |  | 29,697 |  |  |  | 1,370 |  |  |  | 15,311 |
Legal and consulting |  |  | 21,616 |  |  |  | 18,468 |  |  |  | 9,518 |  |  |  | 3,148 |  |  |  | 12,098 |
Bankcard |  |  | 11,775 |  |  |  | 12,363 |  |  |  | 12,482 |  |  |  | (588 | ) |  |  | (707 | )
Amortization of other intangible assets |  |  | 25,317 |  |  |  | 25,268 |  |  |  | 1,917 |  |  |  | 49 |  |  |  | 23,400 |
Regulatory fees |  |  | 8,091 |  |  |  | 9,259 |  |  |  | 4,686 |  |  |  | (1,168 | ) |  |  | 3,405 |
Other |  |  | 29,851 |  |  |  | 17,897 |  |  |  | 7,124 |  |  |  | 11,954 |  |  |  | 22,727 |
Total noninterest expense |  | $ | 419,285 |  |  | $ | 393,168 |  |  | $ | 252,454 |  |  | $ | 26,117 |  |  | $ | 166,831 |

•
GAAP noninterest expense for the third quarter of 2025 was $419.3 million, an increase of $26.1 million, or 6.6%, from the linked quarter and $166.8 million, or 66.1% from the third quarter of 2024. Third quarter 2025 expenses included $35.6 million in total acquisition-related and other nonrecurring costs, compared to $13.5 million in the linked quarter and $2.6 million in the third quarter of 2024. Operating noninterest expense, a non-GAAP financial measure reconciled later in this release to noninterest expense, the nearest comparable GAAP measure, was $385.0 million for the third quarter of 2025, an increase of $4.9 million, or 1.3%, from the linked quarter and an increase of $133.4 million, or 53.0%, from the third quarter of 2024.
•
The linked-quarter increase in GAAP noninterest expense was driven by:

o
An increase of $12.0 million in other expense driven by $19.2 million in fees for termination of legacy HTLF contracts, partially offset by a $7.5 million decrease in charitable contribution expense.
o
An increase of $7.0 million in deferred compensation expense, recorded in salaries and employee benefits. The increase in deferred compensation expense was offset by the increase in company-owned life insurance income noted above.
o
Increases of $4.1 million in supplies and services expense due to purchases of hardware and printing and mailing of conversion notices to customers during the third quarter, and $3.1 million in legal and consulting expense due to the timing of multiple projects.
•
The year-over-year increase in GAAP noninterest expense was driven by:
o
Increases of $73.3 million in salaries and employee benefits expense, driven by the additional associates added as part of the HTLF acquisition, and $23.4 million in amortization of intangibles. Amortization of intangibles includes amortization of the core deposit intangible, customer list, and purchased credit card relationship intangibles recognized from the HTLF acquisition.
o
An increase of $22.7 million in other expense driven by $19.2 million in fees for termination of legacy HTLF contracts, coupled with a $1.1 million increase in operational losses.
o
Increases of $15.3 million in processing fees, driven by increased software subscription costs, and $12.1 million in legal and consulting expense primarily due to non-recurring transaction costs and timing of multiple projects.
o
Increases of $6.9 million in occupancy expense due to branch buildings and office locations added to the company's footprint related to the HTLF acquisition, and $5.5 million in supplies and services due to the printing and mailing of conversion notices to customers and increased computer hardware costs during the third quarter of 2025.
•
Third quarter 2025 noninterest expense included $35.6 million in total acquisition-related and other nonrecurring costs, compared to $13.5 million in the linked quarter, and $2.6 million in the third quarter of 2024. During the third quarter of 2025, this expense was composed primarily of $19.6 million in other expense for contract termination fees as discussed above, $9.2 million in legal and consulting expense, $4.5 million in salaries and employee benefits, and $3.5 million in supplies and services expense. During the linked quarter, the $13.5 million in acquisition-related expense was primarily composed of $7.5 million in legal and consulting expense, $4.3 million in salaries and employee benefits, and $1.1 million in supplies and services expense. During the third quarter of 2024, acquisition-related expense was primarily composed of $2.5 million in legal and consulting expense.

Income taxes

•
The company’s effective tax rate was 19.4% for the nine months ended September 30, 2025, compared to 19.0% for the same period in 2024. The increase in the effective tax rate in 2025 is primarily attributable to a smaller portion of income being earned from tax-exempt municipal securities, along with an increase in the state marginal tax rate.

Balance sheet

•
Average total assets for the third quarter of 2025 were $68.5 billion compared to $66.9 billion for the linked quarter and $43.3 billion for the same period in 2024.

Summary of average loans and leases - QTD Average | UMB Financial Corporation |
(unaudited, dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Q3 |  |  | Q2 |  |  | Q3 |  |  | CQ vs. |  |  | CQ vs. |
|  | 2025 |  |  | 2025 |  |  | 2024 |  |  | LQ |  |  | PY |
Commercial and industrial |  | $ | 14,787,494 |  |  | $ | 14,293,892 |  |  | $ | 10,279,196 |  |  | $ | 493,602 |  |  | $ | 4,508,298 |
Specialty lending |  |  | 570,079 |  |  |  | 561,669 |  |  |  | 508,957 |  |  |  | 8,410 |  |  |  | 61,122 |
Commercial real estate |  |  | 16,372,831 |  |  |  | 16,163,813 |  |  |  | 9,669,076 |  |  |  | 209,018 |  |  |  | 6,703,755 |
Consumer real estate |  |  | 4,306,981 |  |  |  | 4,255,571 |  |  |  | 3,045,229 |  |  |  | 51,410 |  |  |  | 1,261,752 |
Consumer |  |  | 242,526 |  |  |  | 295,118 |  |  |  | 164,105 |  |  |  | (52,592 | ) |  |  | 78,421 |
Credit cards |  |  | 755,635 |  |  |  | 754,601 |  |  |  | 613,663 |  |  |  | 1,034 |  |  |  | 141,972 |
Leases and other |  |  | 102,965 |  |  |  | 82,089 |  |  |  | 106,937 |  |  |  | 20,876 |  |  |  | (3,972 | )
Total loans |  | $ | 37,138,511 |  |  | $ | 36,406,753 |  |  | $ | 24,387,163 |  |  | $ | 731,758 |  |  | $ | 12,751,348 |

•
Average loans for the third quarter of 2025 increased $731.8 million, or 2.0%, on a linked-quarter basis and $12.8 billion, or 52.3%, compared to the third quarter of 2024. These increases reflect continued organic momentum across legacy UMB geographies, as well as the impact of acquired HTLF balances.

Summary of average securities - QTD Average |  | UMB Financial Corporation |
(unaudited, dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Q3 |  |  | Q2 |  |  | Q3 |  |  | CQ vs. |  |  | CQ vs. |
|  | 2025 |  |  | 2025 |  |  | 2024 |  |  | LQ |  |  | PY |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 2,134,787 |  |  | $ | 1,806,041 |  |  | $ | 821,308 |  |  | $ | 328,746 |  |  | $ | 1,313,479 |
U.S. Agencies |  |  | 81,708 |  |  |  | 85,969 |  |  |  | 166,250 |  |  |  | (4,261 | ) |  |  | (84,542 | )
Mortgage-backed |  |  | 7,379,243 |  |  |  | 6,285,195 |  |  |  | 3,888,879 |  |  |  | 1,094,048 |  |  |  | 3,490,364 |
State and political subdivisions |  |  | 2,425,931 |  |  |  | 2,403,741 |  |  |  | 1,240,199 |  |  |  | 22,190 |  |  |  | 1,185,732 |
Corporates |  |  | 236,483 |  |  |  | 271,915 |  |  |  | 320,570 |  |  |  | (35,432 | ) |  |  | (84,087 | )
Collateralized loan obligations |  |  | 557,125 |  |  |  | 553,844 |  |  |  | 340,604 |  |  |  | 3,281 |  |  |  | 216,521 |
Total securities available for sale |  | $ | 12,815,277 |  |  | $ | 11,406,705 |  |  | $ | 6,777,810 |  |  | $ | 1,408,572 |  |  | $ | 6,037,467 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 8,019 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,019 |  |  | $ | 8,019 |
U.S. Agencies |  |  | — |  |  |  | 49,643 |  |  |  | 116,286 |  |  |  | (49,643 | ) |  |  | (116,286 | )
Mortgage-backed |  |  | 2,402,963 |  |  |  | 2,439,844 |  |  |  | 2,597,430 |  |  |  | (36,881 | ) |  |  | (194,467 | )
State and political subdivisions |  |  | 3,045,676 |  |  |  | 3,108,030 |  |  |  | 2,785,138 |  |  |  | (62,354 | ) |  |  | 260,538 |
Total securities held to maturity |  | $ | 5,456,658 |  |  | $ | 5,597,517 |  |  | $ | 5,498,854 |  |  | $ | (140,859 | ) |  | $ | (42,196 | )
Trading securities |  | $ | 12,098 |  |  | $ | 16,693 |  |  | $ | 19,743 |  |  | $ | (4,595 | ) |  | $ | (7,645 | )
Other securities |  |  | 734,793 |  |  |  | 679,212 |  |  |  | 447,698 |  |  |  | 55,581 |  |  |  | 287,095 |
Total securities |  | $ | 19,018,826 |  |  | $ | 17,700,127 |  |  | $ | 12,744,105 |  |  | $ | 1,318,699 |  |  | $ | 6,274,721 |

•
Average total securities increased 7.5% on a linked-quarter basis and 49.2% compared to the third quarter of 2024.

Summary of average deposits - QTD Average | UMB Financial Corporation |
(unaudited, dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Q3 |  |  | Q2 |  |  | Q3 |  |  | CQ vs. |  |  | CQ vs. |
|  | 2025 |  |  | 2025 |  |  | 2024 |  |  | LQ |  |  | PY |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest-bearing demand |  | $ | 13,858,827 |  |  | $ | 14,403,211 |  |  | $ | 9,502,106 |  |  | $ | (544,384 | ) |  | $ | 4,356,721 |
Interest-bearing demand and savings |  |  | 39,555,585 |  |  |  | 37,958,601 |  |  |  | 23,779,651 |  |  |  | 1,596,984 |  |  |  | 15,775,934 |
Time deposits |  |  | 3,349,181 |  |  |  | 3,287,556 |  |  |  | 2,010,199 |  |  |  | 61,625 |  |  |  | 1,338,982 |
Total deposits |  | $ | 56,763,593 |  |  | $ | 55,649,368 |  |  | $ | 35,291,956 |  |  | $ | 1,114,225 |  |  | $ | 21,471,637 |
Noninterest bearing deposits as % of total |  |  | 24.4 | % |  |  | 25.9 | % |  |  | 26.9 | % |  |  |  |  |  |

•
Average deposits increased 2.0% on a linked-quarter basis and 60.8% compared to the third quarter of 2024. These increases reflect continued organic momentum across legacy UMB geographies as well as the impact of acquired HTLF balances.
•
The linked quarter decline in average demand deposits was driven by expected seasonal declines in certain corporate trust client balances.

Capital

Capital information |  | UMB Financial Corporation |
(unaudited, dollars in thousands, except per share data) |  |  |  |  |  |  |  |  |
|  | September 30, 2025 |  |  | June 30, 2025 |  |  | September 30, 2024 |
Total equity |  | $ | 7,443,950 |  |  | $ | 7,285,765 |  |  | $ | 3,535,489 |
Total common equity |  |  | 7,161,853 |  |  |  | 6,885,023 |  |  |  | 3,535,489 |
Accumulated other comprehensive loss, net |  |  | (324,842 | ) |  |  | (442,047 | ) |  |  | (395,856 | )
Book value per common share |  |  | 94.29 |  |  |  | 90.68 |  |  |  | 72.45 |
Tangible book value per common share (Non-GAAP)(i) |  |  | 63.40 |  |  |  | 59.80 |  |  |  | 66.86 |
Regulatory capital: |  |  |  |  |  |  |  |  |
Common equity Tier 1 capital |  | $ | 5,226,775 |  |  | $ | 4,974,093 |  |  | $ | 3,691,874 |
Tier 1 capital |  |  | 5,520,841 |  |  |  | 5,378,860 |  |  |  | 3,691,874 |
Total capital |  |  | 6,406,709 |  |  |  | 6,438,598 |  |  |  | 4,324,890 |
Regulatory capital ratios: |  |  |  |  |  |  |  |  |
Common equity Tier 1 capital ratio |  |  | 10.70 | % |  |  | 10.39 | % |  |  | 11.22 | %
Tier 1 risk-based capital ratio |  |  | 11.30 |  |  |  | 11.24 |  |  |  | 11.22 |
Total risk-based capital ratio |  |  | 13.11 |  |  |  | 13.46 |  |  |  | 13.14 |
Tier 1 leverage ratio |  |  | 8.33 |  |  |  | 8.34 |  |  |  | 8.58 |

(i) See reconciliation of Non-GAAP measures to their nearest comparable GAAP measures later in this release.

•
At September 30, 2025, the regulatory capital ratios presented in the foregoing table exceeded all “well-capitalized” regulatory thresholds.
•
In mid-July 2025, the company redeemed $115.0 million in outstanding Series A non-cumulative perpetual preferred stock.
•
In mid-September 2025, the company redeemed the $188.9 million in outstanding 3.70% fixed-to-fixed rate subordinated notes due 2030.

Asset Quality

Credit quality |  | UMB Financial Corporation |
(unaudited, dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Q3 |  |  | Q2 |  |  | Q1 |  |  | Q4 |  |  | Q3 |
|  | 2025 |  |  | 2025 |  |  | 2025 |  |  | 2024 |  |  | 2024 |
Net charge-offs - total loans |  | $ | 18,383 |  |  | $ | 15,462 |  |  | $ | 35,872 |  |  | $ | 8,935 |  |  | $ | 8,454 |
Net loan charge-offs as a % of total average loans |  |  | 0.20 | % |  |  | 0.17 | % |  |  | 0.45 | % |  |  | 0.14 | % |  |  | 0.14 | %
Loans over 90 days past due |  | $ | 6,131 |  |  | $ | 6,813 |  |  | $ | 6,346 |  |  | $ | 7,602 |  |  | $ | 7,133 |
Loans over 90 days past due as a % of total loans |  |  | 0.02 | % |  |  | 0.02 | % |  |  | 0.02 | % |  |  | 0.03 | % |  |  | 0.03 | %
Nonaccrual and restructured loans |  | $ | 131,965 |  |  | $ | 97,029 |  |  | $ | 100,885 |  |  | $ | 19,282 |  |  | $ | 19,291 |
Nonaccrual and restructured loans as a % of total loans |  |  | 0.35 | % |  |  | 0.26 | % |  |  | 0.28 | % |  |  | 0.08 | % |  |  | 0.08 | %
Provision for credit losses |  | $ | 22,500 |  |  | $ | 21,000 |  |  | $ | 86,000 |  |  | $ | 19,000 |  |  | $ | 18,000 |

•
Provision for credit losses for the third quarter increased $1.5 million from the linked quarter and increased $4.5 million from the third quarter of 2024. The change in provision expense is driven by ongoing recalibrations of econometric loss models and general portfolio trends in the current periods as compared to the prior periods.
•
Net charge-offs for the third quarter totaled $18.4 million, or 0.20% of average loans, compared to $15.5 million, or 0.17% of average loans in the linked quarter, and $8.5 million, or 0.14% of average loans for the third quarter of 2024.
•
Nonaccrual loans increased to $132.0 million, or 0.35% of total loans; the increase compared to the linked quarter was primarily driven by the addition of two legacy HTLF loans to nonaccrual status. At September 30, 2025, these loans held a substantially adequate Purchase Credit Deteriorated (PCD) reserve against them.

Conference Call

The company will host a conference call to discuss its third quarter 2025 earnings results on Wednesday, October 29, 2025, at 8:30 a.m. (CT).

Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 646-844-6383 and requesting to join the UMB Financial call with access code 522391. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link:

UMB Financial 3Q 2025 Conference Call

A replay of the conference call may be heard through November 12, 2025, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 252760. The call replay may also be accessed at investorrelations.umb.com.

Non-GAAP Financial Information

In this release, we provide information about net operating income available to common shareholders, operating earnings per share – diluted (operating EPS), operating return on average common equity (operating ROE), operating return on average assets (operating ROA), operating noninterest expense, operating efficiency ratio, operating pre-tax, pre-provision income (operating PTPP), operating pre-tax, pre-provision earnings per share – diluted (operating PTPP EPS), operating pre-tax, pre-provision income on a fully tax equivalent basis (operating PTPP-FTE), operating pre-tax, pre-provision FTE earnings per share – diluted (operating PTPP-FTE EPS), tangible common shareholders’ equity, and tangible book value per share, all of which are non-GAAP financial measures. This information supplements the results that are reported according to generally accepted accounting principles in the United States (GAAP) and should not be viewed in isolation from, or as a substitute for, GAAP results. The differences between the non-GAAP financial measures – net operating income available to common shareholders, operating EPS,

operating ROE, operating ROA, operating noninterest expense, operating efficiency ratio, operating PTPP, operating PTPP EPS, operating PTPP-FTE, operating PTPP-FTE EPS, tangible common shareholders’ equity, and tangible book value per share – and the nearest comparable GAAP financial measures are reconciled later in this release. The company believes that these non-GAAP financial measures and the reconciliations may be useful to investors because they adjust for acquisition- and severance-related items, and the FDIC special assessment that management does not believe reflect the company’s fundamental operating performance.

Net operating income available to common shareholders for the relevant period is defined as GAAP net income available to common shareholders, adjusted to reflect the impact of excluding expenses related to Day 1 acquisition provision expense, acquisitions, severance expense, the FDIC special assessment, and the cumulative tax impact of these adjustments.

Operating EPS (diluted) is calculated as earnings per share as reported, adjusted to reflect, on a per share basis, the impact of excluding the non-GAAP adjustments described above for the relevant period. Operating ROE is calculated as net operating income available to common shareholders, divided by the company’s average total common shareholders’ equity for the relevant period. Operating ROA is calculated as net operating income available to common shareholders, divided by the company’s average assets for the relevant period. Operating noninterest expense for the relevant period is defined as GAAP noninterest expense, adjusted to reflect the pre-tax impact of non-GAAP adjustments described above. Operating efficiency ratio is calculated as the company’s operating noninterest expense, net of amortization of other intangibles, divided by the company’s total non-GAAP revenue (calculated as net interest income plus noninterest income, less gains on sales of securities available for sale, net).

Operating PTPP income for the relevant period is defined as GAAP net interest income plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance, and the FDIC special assessment.

Operating PTPP-FTE for the relevant period is defined as GAAP net interest income on a fully tax equivalent basis plus GAAP noninterest income, less noninterest expense, adjusted to reflect the impact of excluding expenses related to acquisitions and severance, and the FDIC special assessment.

Tangible common shareholders’ equity for the relevant period is defined as GAAP common shareholders’ equity, net of intangible assets. Tangible book value per share is defined as tangible common shareholders’ equity divided by the Company’s total common shares outstanding.

Forward-Looking Statements:

This press release contains, and our other communications may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “outlook,” “forecast,” “target,” “trend,” “plan,” “goal,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. All forward-looking statements are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Our actual future objectives, strategies, plans, prospects, performance, condition, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2024, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (SEC). In addition to such factors that have been disclosed previously: macroeconomic and adverse developments and uncertainties related to the collateral effects of the collapse of, and challenges for, domestic and international banks, including the impacts to

the U.S. and global economies; sustained levels of high inflation and the potential for an economic recession on the heels of aggressive quantitative tightening by the Federal Reserve; and impacts related to or resulting from instability in the Middle East and Russia’s military action in Ukraine, such as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, may also cause actual results or other future events, circumstances, or aspirations to differ from our forward-looking statements. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except to the extent required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K, or other applicable document that is filed or furnished with the SEC.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Mo. UMB offers commercial banking, which includes comprehensive deposit, lending, investment and retirement plan services; personal banking, which includes comprehensive deposit, lending, wealth management and financial planning services; and institutional banking, which includes asset servicing, corporate trust solutions, investment banking and healthcare services. UMB operates branches throughout Missouri, Arizona, California, Colorado, Iowa, Kansas, Illinois, Minnesota, Nebraska, New Mexico, Oklahoma, Texas, and Wisconsin. As the company’s reach continues to grow, it also serves business clients nationwide and institutional clients in several countries. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn.

Consolidated Balance Sheets |  | UMB Financial Corporation |
(unaudited, dollars in thousands) |  |  |  |  |  |
|  | September 30, |
|  | 2025 |  |  | 2024 |
ASSETS |  |  |  |  |  |
Loans |  | $ | 37,706,507 |  |  | $ | 24,990,791 |
Allowance for credit losses on loans |  |  | (404,971 | ) |  |  | (248,907 | )
Net loans |  |  | 37,301,536 |  |  |  | 24,741,884 |
Loans held for sale |  |  | 3,170 |  |  |  | 5,176 |
Securities: |  |  |  |  |  |
Available for sale |  |  | 13,378,280 |  |  |  | 7,015,998 |
Held to maturity, net of allowance for credit losses |  |  | 5,652,387 |  |  |  | 5,474,710 |
Trading securities |  |  | 35,811 |  |  |  | 35,839 |
Other securities |  |  | 719,575 |  |  |  | 465,477 |
Total securities |  |  | 19,786,053 |  |  |  | 12,992,024 |
Federal funds sold and resell agreements |  |  | 765,113 |  |  |  | 399,234 |
Interest-bearing due from banks |  |  | 7,892,392 |  |  |  | 6,601,866 |
Cash and due from banks |  |  | 1,073,005 |  |  |  | 778,069 |
Premises and equipment, net |  |  | 398,607 |  |  |  | 222,056 |
Accrued income |  |  | 331,645 |  |  |  | 218,651 |
Goodwill |  |  | 1,835,298 |  |  |  | 207,385 |
Other intangibles, net |  |  | 511,450 |  |  |  | 65,564 |
Other assets |  |  | 1,982,912 |  |  |  | 1,264,519 |
Total assets |  | $ | 71,881,181 |  |  | $ | 47,496,428 |
LIABILITIES |  |  |  |  |  |
Deposits: |  |  |  |  |  |
Noninterest-bearing demand |  | $ | 16,188,227 |  |  | $ | 12,840,940 |
Interest-bearing demand and savings |  |  | 40,549,723 |  |  |  | 24,798,869 |
Time deposits under $250,000 |  |  | 1,985,352 |  |  |  | 1,245,532 |
Time deposits of $250,000 or more |  |  | 1,412,541 |  |  |  | 817,251 |
Total deposits |  |  | 60,135,843 |  |  |  | 39,702,592 |
Federal funds purchased and repurchase agreements |  |  | 2,838,597 |  |  |  | 2,023,297 |
Short-term debt |  |  | — |  |  |  | 1,050,000 |
Long-term debt |  |  | 471,331 |  |  |  | 384,758 |
Accrued expenses and taxes |  |  | 453,437 |  |  |  | 387,223 |
Other liabilities |  |  | 538,023 |  |  |  | 413,069 |
Total liabilities |  |  | 64,437,231 |  |  |  | 43,960,939 |
SHAREHOLDERS' EQUITY |  |  |  |  |  |
Series B Fixed-Rate Reset Non-Cumulative Perpetual Preferred stock |  |  | 294,066 |  |  |  | — |
Common stock |  |  | 78,666 |  |  |  | 55,057 |
Capital surplus |  |  | 4,001,834 |  |  |  | 1,138,350 |
Retained earnings |  |  | 3,559,717 |  |  |  | 3,074,617 |
Accumulated other comprehensive loss, net |  |  | (324,842 | ) |  |  | (395,856 | )
Treasury stock |  |  | (165,491 | ) |  |  | (336,679 | )
Total shareholders' equity |  |  | 7,443,950 |  |  |  | 3,535,489 |
Total liabilities and shareholders' equity |  | $ | 71,881,181 |  |  | $ | 47,496,428 |

Consolidated Statements of Income |  | UMB Financial Corporation |
(unaudited, dollars in thousands except share and per share data) |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |
Loans |  | $ | 629,057 |  |  | $ | 416,400 |  |  | $ | 1,768,875 |  |  | $ | 1,202,317 |
Securities: |  |  |  |  |  |  |  |  |  |  |  |
Taxable interest |  |  | 138,176 |  |  |  | 63,466 |  |  |  | 358,709 |  |  |  | 186,159 |
Tax-exempt interest |  |  | 33,035 |  |  |  | 24,578 |  |  |  | 96,022 |  |  |  | 74,988 |
Total securities income |  |  | 171,211 |  |  |  | 88,044 |  |  |  | 454,731 |  |  |  | 261,147 |
Federal funds and resell agreements |  |  | 9,365 |  |  |  | 4,990 |  |  |  | 25,050 |  |  |  | 11,726 |
Interest-bearing due from banks |  |  | 68,952 |  |  |  | 47,969 |  |  |  | 217,811 |  |  |  | 139,831 |
Trading securities |  |  | 312 |  |  |  | 291 |  |  |  | 937 |  |  |  | 1,020 |
Total interest income |  |  | 878,897 |  |  |  | 557,694 |  |  |  | 2,467,404 |  |  |  | 1,616,041 |
INTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 362,882 |  |  |  | 262,599 |  |  |  | 1,009,441 |  |  |  | 726,999 |
Federal funds and repurchase agreements |  |  | 28,632 |  |  |  | 27,070 |  |  |  | 81,845 |  |  |  | 82,813 |
Other |  |  | 12,341 |  |  |  | 20,649 |  |  |  | 36,413 |  |  |  | 74,311 |
Total interest expense |  |  | 403,855 |  |  |  | 310,318 |  |  |  | 1,127,699 |  |  |  | 884,123 |
Net interest income |  |  | 475,042 |  |  |  | 247,376 |  |  |  | 1,339,705 |  |  |  | 731,918 |
Provision for credit losses |  |  | 22,500 |  |  |  | 18,000 |  |  |  | 129,500 |  |  |  | 42,050 |
Net interest income after provision for credit losses |  |  | 452,542 |  |  |  | 229,376 |  |  |  | 1,210,205 |  |  |  | 689,868 |
NONINTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |
Trust and securities processing |  |  | 87,926 |  |  |  | 74,222 |  |  |  | 250,970 |  |  |  | 213,710 |
Trading and investment banking |  |  | 7,026 |  |  |  | 7,118 |  |  |  | 19,107 |  |  |  | 18,041 |
Service charges on deposit accounts |  |  | 29,150 |  |  |  | 20,089 |  |  |  | 85,472 |  |  |  | 63,107 |
Insurance fees and commissions |  |  | 307 |  |  |  | 282 |  |  |  | 674 |  |  |  | 832 |
Brokerage fees |  |  | 20,470 |  |  |  | 15,749 |  |  |  | 59,097 |  |  |  | 42,929 |
Bankcard fees |  |  | 29,561 |  |  |  | 22,394 |  |  |  | 84,872 |  |  |  | 66,708 |
Investment securities (losses) gains, net |  |  | (4,093 | ) |  |  | 2,623 |  |  |  | 28,810 |  |  |  | 10,127 |
Other |  |  | 32,951 |  |  |  | 16,266 |  |  |  | 62,679 |  |  |  | 47,452 |
Total noninterest income |  |  | 203,298 |  |  |  | 158,743 |  |  |  | 591,681 |  |  |  | 462,906 |
NONINTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 220,329 |  |  |  | 146,984 |  |  |  | 655,278 |  |  |  | 432,851 |
Occupancy, net |  |  | 19,149 |  |  |  | 12,274 |  |  |  | 53,789 |  |  |  | 36,267 |
Equipment |  |  | 16,563 |  |  |  | 15,988 |  |  |  | 49,937 |  |  |  | 48,094 |
Supplies and services |  |  | 10,492 |  |  |  | 4,967 |  |  |  | 21,660 |  |  |  | 11,672 |
Marketing and business development |  |  | 11,094 |  |  |  | 6,817 |  |  |  | 30,436 |  |  |  | 19,440 |
Processing fees |  |  | 45,008 |  |  |  | 29,697 |  |  |  | 129,496 |  |  |  | 87,334 |
Legal and consulting |  |  | 21,616 |  |  |  | 9,518 |  |  |  | 68,690 |  |  |  | 33,978 |
Bankcard |  |  | 11,775 |  |  |  | 12,482 |  |  |  | 36,933 |  |  |  | 34,867 |
Amortization of other intangible assets |  |  | 25,317 |  |  |  | 1,917 |  |  |  | 68,067 |  |  |  | 5,788 |
Regulatory fees |  |  | 8,091 |  |  |  | 4,686 |  |  |  | 25,587 |  |  |  | 26,649 |
Other |  |  | 29,851 |  |  |  | 7,124 |  |  |  | 57,367 |  |  |  | 19,385 |
Total noninterest expense |  |  | 419,285 |  |  |  | 252,454 |  |  |  | 1,197,240 |  |  |  | 756,325 |
Income before income taxes |  |  | 236,555 |  |  |  | 135,665 |  |  |  | 604,646 |  |  |  | 396,449 |
Income tax expense |  |  | 48,239 |  |  |  | 26,022 |  |  |  | 117,603 |  |  |  | 75,203 |
NET INCOME |  |  | 188,316 |  |  |  | 109,643 |  |  |  | 487,043 |  |  |  | 321,246 |
Less: Preferred dividends |  |  | 7,944 |  |  |  | — |  |  |  | 11,969 |  |  |  | — |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |  | $ | 180,372 |  |  | $ | 109,643 |  |  | $ | 475,074 |  |  | $ | 321,246 |
PER SHARE DATA |  |  |  |  |  |  |  |  |  |  |  |
Net income per common share – basic |  | $ | 2.38 |  |  | $ | 2.25 |  |  | $ | 6.57 |  |  | $ | 6.59 |
Net income per common share – diluted |  |  | 2.36 |  |  |  | 2.23 |  |  |  | 6.53 |  |  |  | 6.56 |

Dividends per common share |  |  | 0.40 |  |  |  | 0.39 |  |  |  | 1.20 |  |  |  | 1.17 |
Weighted average common shares outstanding – basic |  |  | 75,943,943 |  |  |  | 48,775,072 |  |  |  | 72,349,952 |  |  |  | 48,727,914 |
Weighted average common shares outstanding – diluted |  |  | 76,366,818 |  |  |  | 49,078,497 |  |  |  | 72,744,289 |  |  |  | 48,993,581 |

Consolidated Statements of Comprehensive Income |  | UMB Financial Corporation |
(unaudited, dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income |  | $ | 188,316 |  |  | $ | 109,643 |  |  | $ | 487,043 |  |  | $ | 321,246 |
Other comprehensive income (loss), before tax: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains and losses on debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Change in unrealized holding gains and losses, net |  |  | 145,415 |  |  |  | 229,285 |  |  |  | 264,987 |  |  |  | 175,005 |
Less: Reclassification adjustment for net gains included in net income |  |  | (91 | ) |  |  | — |  |  |  | (514 | ) |  |  | (139 | )
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity |  |  | 8,007 |  |  |  | 9,618 |  |  |  | 24,286 |  |  |  | 27,345 |
Change in unrealized gains and losses on debt securities |  |  | 153,331 |  |  |  | 238,903 |  |  |  | 288,759 |  |  |  | 202,211 |
Unrealized gains and losses on derivative hedges: |  |  |  |  |  |  |  |  |  |  |  |
Change in unrealized gains and losses on derivative hedges, net |  |  | (380 | ) |  |  | 40,445 |  |  |  | 36,652 |  |  |  | 18,012 |
Less: Reclassification adjustment for net losses (gains) included in net income |  |  | 3,114 |  |  |  | (1,666 | ) |  |  | 5,131 |  |  |  | (7,392 | )
Change in unrealized gains and losses on derivative hedges |  |  | 2,734 |  |  |  | 38,779 |  |  |  | 41,783 |  |  |  | 10,620 |
Other comprehensive income (loss), before tax |  |  | 156,065 |  |  |  | 277,682 |  |  |  | 330,542 |  |  |  | 212,831 |
Income tax expense |  |  | (38,860 | ) |  |  | (67,904 | ) |  |  | (82,334 | ) |  |  | (51,752 | )
Other comprehensive income (loss) |  |  | 117,205 |  |  |  | 209,778 |  |  |  | 248,208 |  |  |  | 161,079 |
Comprehensive income (loss) |  | $ | 305,521 |  |  | $ | 319,421 |  |  | $ | 735,251 |  |  | $ | 482,325 |

Consolidated Statements of Shareholders' Equity | UMB Financial Corporation |
(unaudited, dollars in thousands except per share data) |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Preferred Stock |  |  | Common Stock |  |  | Capital Surplus |  |  | Retained Earnings |  |  | Accumulated Other Comprehensive (Loss) Income |  |  | Treasury Stock |  |  | Total |
Balance - January 1, 2024 |  | $ | — |  |  | $ | 55,057 |  |  | $ | 1,134,363 |  |  | $ | 2,810,824 |  |  | $ | (556,935 | ) |  | $ | (342,890 | ) |  | $ | 3,100,419 |
Total comprehensive income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 321,246 |  |  |  | 161,079 |  |  |  | — |  |  |  | 482,325 |
Dividends ($1.17 per share) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (57,453 | ) |  |  | — |  |  |  | — |  |  |  | (57,453 | )
Purchase of treasury stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,738 | ) |  |  | (7,738 | )
Issuances of equity awards, net of forfeitures |  |  | — |  |  |  | — |  |  |  | (11,220 | ) |  |  | — |  |  |  | — |  |  |  | 11,923 |  |  |  | 703 |
Recognition of equity-based compensation |  |  | — |  |  |  | — |  |  |  | 14,886 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,886 |
Sale of treasury stock |  |  | — |  |  |  | — |  |  |  | 237 |  |  |  | — |  |  |  | — |  |  |  | 184 |  |  |  | 421 |
Exercise of stock options |  |  | — |  |  |  | — |  |  |  | 1,433 |  |  |  | — |  |  |  | — |  |  |  | 1,842 |  |  |  | 3,275 |
Common stock issuance costs |  |  | — |  |  |  | — |  |  |  | (1,349 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,349 | )
Balance - September 30, 2024 |  | $ | — |  |  | $ | 55,057 |  |  | $ | 1,138,350 |  |  | $ | 3,074,617 |  |  | $ | (395,856 | ) |  | $ | (336,679 | ) |  | $ | 3,535,489 |
Balance - January 1, 2025 |  | $ | — |  |  | $ | 55,057 |  |  | $ | 1,145,638 |  |  | $ | 3,174,948 |  |  | $ | (573,050 | ) |  | $ | (336,052 | ) |  | $ | 3,466,541 |
Total comprehensive income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 487,043 |  |  |  | 248,208 |  |  |  | — |  |  |  | 735,251 |
Cash dividends declared: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred dividends Series A ($350.00 per share) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,025 | ) |  |  | — |  |  |  | — |  |  |  | (4,025 | )
Preferred dividends Series B ($264.79 per share) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,944 | ) |  |  | — |  |  |  |  |  |  | (7,944 | )
Common dividends ($1.20 per share) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (90,510 | ) |  |  | — |  |  |  | — |  |  |  | (90,510 | )
Purchase of treasury stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (17,549 | ) |  |  | (17,549 | )
Issuances of equity awards, net of forfeitures |  |  | — |  |  |  | — |  |  |  | (18,663 | ) |  |  | — |  |  |  | — |  |  |  | 19,463 |  |  |  | 800 |
Recognition of equity-based compensation |  |  | — |  |  |  | — |  |  |  | 48,021 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 48,021 |
Sale of treasury stock |  |  | — |  |  |  | — |  |  |  | 265 |  |  |  | — |  |  |  | — |  |  |  | 261 |  |  |  | 526 |
Exercise of stock options |  |  | — |  |  |  | — |  |  |  | 115 |  |  |  | — |  |  |  | — |  |  |  | 301 |  |  |  | 416 |
Common stock issuance |  |  | — |  |  |  | — |  |  |  | 67,056 |  |  |  | — |  |  |  | — |  |  |  | 168,085 |  |  |  | 235,141 |
Preferred stock issuance, net of issuance costs |  |  | 294,066 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 294,066 |
Preferred stock redemption |  |  | (110,705 | ) |  |  | — |  |  |  | (4,500 | ) |  |  | 205 |  |  |  | — |  |  |  | — |  |  |  | (115,000 | )
Stock issuance for acquisition, net of issuance costs |  |  | 110,705 |  |  |  | 23,609 |  |  |  | 2,763,902 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,898,216 |
Balance - September 30, 2025 |  | $ | 294,066 |  |  | $ | 78,666 |  |  | $ | 4,001,834 |  |  | $ | 3,559,717 |  |  | $ | (324,842 | ) |  | $ | (165,491 | ) |  | $ | 7,443,950 |

Average Balances / Yields and Rates |  | UMB Financial Corporation |
(tax - equivalent basis) |  |  |  |  |  |  |  |  |  |  |  |
(unaudited, dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, |
|  | 2025 |  |  | 2024 |
|  | Average |  |  | Average |  |  | Average |  |  | Average |
|  | Balance |  |  | Yield/Rate |  |  | Balance |  |  | Yield/Rate |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Loans, net of unearned interest |  | $ | 37,138,511 |  |  |  | 6.72 | % |  | $ | 24,387,163 |  |  |  | 6.79 | %
Securities: |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 14,798,834 |  |  |  | 3.70 |  |  |  | 9,122,386 |  |  |  | 2.77 |
Tax-exempt |  |  | 4,207,894 |  |  |  | 3.89 |  |  |  | 3,601,976 |  |  |  | 3.43 |
Total securities |  |  | 19,006,728 |  |  |  | 3.75 |  |  |  | 12,724,362 |  |  |  | 2.96 |
Federal funds and resell agreements |  |  | 727,473 |  |  |  | 5.11 |  |  |  | 328,240 |  |  |  | 6.05 |
Interest bearing due from banks |  |  | 6,223,615 |  |  |  | 4.40 |  |  |  | 3,562,746 |  |  |  | 5.36 |
Trading securities |  |  | 12,098 |  |  |  | 10.72 |  |  |  | 19,743 |  |  |  | 6.37 |
Total earning assets |  |  | 63,108,425 |  |  |  | 5.58 |  |  |  | 41,022,254 |  |  |  | 5.47 |
Allowance for credit losses |  |  | (388,761 | ) |  |  |  |  |  | (239,950 | ) |  |  |
Other assets |  |  | 5,775,638 |  |  |  |  |  |  | 2,484,538 |  |  |  |
Total assets |  | $ | 68,495,302 |  |  |  |  |  | $ | 43,266,842 |  |  |  |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits |  | $ | 42,904,766 |  |  |  | 3.36 | % |  | $ | 25,789,850 |  |  |  | 4.05 | %
Federal funds and repurchase agreements |  |  | 2,863,481 |  |  |  | 3.97 |  |  |  | 2,298,240 |  |  |  | 4.69 |
Borrowed funds |  |  | 627,827 |  |  |  | 7.80 |  |  |  | 1,464,393 |  |  |  | 5.61 |
Total interest-bearing liabilities |  |  | 46,396,074 |  |  |  | 3.45 |  |  |  | 29,552,483 |  |  |  | 4.18 |
Noninterest-bearing demand deposits |  |  | 13,858,827 |  |  |  |  |  |  | 9,502,106 |  |  |  |
Other liabilities |  |  | 879,659 |  |  |  |  |  |  | 757,379 |  |  |  |
Shareholders' equity |  |  | 7,360,742 |  |  |  |  |  |  | 3,454,874 |  |  |  |
Total liabilities and shareholders' equity |  | $ | 68,495,302 |  |  |  |  |  | $ | 43,266,842 |  |  |  |
Net interest spread |  |  |  |  |  | 2.13 | % |  |  |  |  |  | 1.29 | %
Net interest margin |  |  |  |  |  | 3.04 |  |  |  |  |  |  | 2.46 |

Average Balances / Yields and Rates |  | UMB Financial Corporation |
(tax - equivalent basis) |  |  |  |  |  |  |  |  |  |  |  |
(unaudited, dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
|  | Average |  |  | Average |  |  | Average |  |  | Average |
|  | Balance |  |  | Yield/Rate |  |  | Balance |  |  | Yield/Rate |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Loans, net of unearned interest |  | $ | 35,302,675 |  |  |  | 6.70 | % |  | $ | 23,850,976 |  |  |  | 6.73 | %
Securities: |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  |  | 13,312,899 |  |  |  | 3.60 |  |  |  | 9,140,270 |  |  |  | 2.72 |
Tax-exempt |  |  | 4,201,302 |  |  |  | 3.82 |  |  |  | 3,657,837 |  |  |  | 3.44 |
Total securities |  |  | 17,514,201 |  |  |  | 3.65 |  |  |  | 12,798,107 |  |  |  | 2.93 |
Federal funds and resell agreements |  |  | 656,637 |  |  |  | 5.10 |  |  |  | 260,520 |  |  |  | 6.01 |
Interest bearing due from banks |  |  | 6,562,011 |  |  |  | 4.44 |  |  |  | 3,451,537 |  |  |  | 5.41 |
Trading securities |  |  | 16,519 |  |  |  | 8.00 |  |  |  | 21,333 |  |  |  | 6.88 |
Total earning assets |  |  | 60,052,043 |  |  |  | 5.55 |  |  |  | 40,382,473 |  |  |  | 5.41 |
Allowance for credit losses |  |  | (359,267 | ) |  |  |  |  |  | (230,181 | ) |  |  |
Other assets |  |  | 5,449,485 |  |  |  |  |  |  | 2,433,597 |  |  |  |
Total assets |  | $ | 65,142,261 |  |  |  |  |  | $ | 42,585,889 |  |  |  |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing deposits |  | $ | 40,357,901 |  |  |  | 3.34 | % |  | $ | 24,500,489 |  |  |  | 3.96 | %
Federal funds and repurchase agreements |  |  | 2,775,160 |  |  |  | 3.94 |  |  |  | 2,367,985 |  |  |  | 4.67 |
Borrowed funds |  |  | 618,153 |  |  |  | 7.88 |  |  |  | 1,796,230 |  |  |  | 5.53 |
Total interest-bearing liabilities |  |  | 43,751,214 |  |  |  | 3.45 |  |  |  | 28,664,704 |  |  |  | 4.12 |
Noninterest-bearing demand deposits |  |  | 13,898,325 |  |  |  |  |  |  | 9,889,099 |  |  |  |
Other liabilities |  |  | 856,522 |  |  |  |  |  |  | 764,733 |  |  |  |
Shareholders' equity |  |  | 6,636,200 |  |  |  |  |  |  | 3,267,353 |  |  |  |
Total liabilities and shareholders' equity |  | $ | 65,142,261 |  |  |  |  |  | $ | 42,585,889 |  |  |  |
Net interest spread |  |  |  |  |  | 2.10 | % |  |  |  |  |  | 1.29 | %
Net interest margin |  |  |  |  |  | 3.04 |  |  |  |  |  |  | 2.49 |

Business Segment Information |  | UMB Financial Corporation |
(unaudited, dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, 2025 |
|  | Commercial Banking |  |  | Institutional Banking |  |  | Personal Banking |  |  | Total |
Net interest income |  | $ | 331,555 |  |  | $ | 60,997 |  |  | $ | 82,490 |  |  | $ | 475,042 |
Provision for credit losses |  |  | 19,465 |  |  |  | 460 |  |  |  | 2,575 |  |  |  | 22,500 |
Noninterest income |  |  | 56,089 |  |  |  | 115,379 |  |  |  | 31,830 |  |  |  | 203,298 |
Noninterest expense |  |  | 187,031 |  |  |  | 110,613 |  |  |  | 121,641 |  |  |  | 419,285 |
Income (loss) before taxes |  |  | 181,148 |  |  |  | 65,303 |  |  |  | (9,896 | ) |  |  | 236,555 |
Income tax expense (benefit) |  |  | 36,940 |  |  |  | 13,317 |  |  |  | (2,018 | ) |  |  | 48,239 |
Net income (loss) |  | $ | 144,208 |  |  | $ | 51,986 |  |  | $ | (7,878 | ) |  | $ | 188,316 |
|  | Three Months Ended September 30, 2024 |
|  | Commercial Banking |  |  | Institutional Banking |  |  | Personal Banking |  |  | Total |
Net interest income |  | $ | 168,353 |  |  | $ | 44,757 |  |  | $ | 34,266 |  |  | $ | 247,376 |
Provision for credit losses |  |  | 15,947 |  |  |  | 252 |  |  |  | 1,801 |  |  |  | 18,000 |
Noninterest income |  |  | 31,383 |  |  |  | 99,598 |  |  |  | 27,762 |  |  |  | 158,743 |
Noninterest expense |  |  | 87,823 |  |  |  | 100,011 |  |  |  | 64,620 |  |  |  | 252,454 |
Income (loss) before taxes |  |  | 95,966 |  |  |  | 44,092 |  |  |  | (4,393 | ) |  |  | 135,665 |
Income tax expense (benefit) |  |  | 18,407 |  |  |  | 8,457 |  |  |  | (842 | ) |  |  | 26,022 |
Net income (loss) |  | $ | 77,559 |  |  | $ | 35,635 |  |  | $ | (3,551 | ) |  | $ | 109,643 |
|  | Nine Months Ended September 30, 2025 |
|  | Commercial Banking |  |  | Institutional Banking |  |  | Personal Banking |  |  | Total |
Net interest income |  | $ | 928,091 |  |  | $ | 188,487 |  |  | $ | 223,127 |  |  | $ | 1,339,705 |
Provision for credit losses |  |  | 104,550 |  |  |  | 1,325 |  |  |  | 23,625 |  |  |  | 129,500 |
Noninterest income |  |  | 136,527 |  |  |  | 327,171 |  |  |  | 127,983 |  |  |  | 591,681 |
Noninterest expense |  |  | 530,691 |  |  |  | 323,015 |  |  |  | 343,534 |  |  |  | 1,197,240 |
Income (loss) before taxes |  |  | 429,377 |  |  |  | 191,318 |  |  |  | (16,049 | ) |  |  | 604,646 |
Income tax expense (benefit) |  |  | 83,513 |  |  |  | 37,211 |  |  |  | (3,121 | ) |  |  | 117,603 |
Net income (loss) |  | $ | 345,864 |  |  | $ | 154,107 |  |  | $ | (12,928 | ) |  | $ | 487,043 |
|  | Nine Months Ended September 30, 2024 |
|  | Commercial Banking |  |  | Institutional Banking |  |  | Personal Banking |  |  | Total |
Net interest income |  | $ | 487,498 |  |  | $ | 144,708 |  |  | $ | 99,712 |  |  | $ | 731,918 |
Provision for credit losses |  |  | 35,770 |  |  |  | 753 |  |  |  | 5,527 |  |  |  | 42,050 |
Noninterest income |  |  | 104,195 |  |  |  | 285,199 |  |  |  | 73,512 |  |  |  | 462,906 |
Noninterest expense |  |  | 271,732 |  |  |  | 290,128 |  |  |  | 194,465 |  |  |  | 756,325 |
Income (loss) before taxes |  |  | 284,191 |  |  |  | 139,026 |  |  |  | (26,768 | ) |  |  | 396,449 |
Income tax expense (benefit) |  |  | 53,909 |  |  |  | 26,372 |  |  |  | (5,078 | ) |  |  | 75,203 |
Net income (loss) |  | $ | 230,282 |  |  | $ | 112,654 |  |  | $ | (21,690 | ) |  | $ | 321,246 |

The company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking. Senior executive officers regularly evaluate business segment financial results produced by the company’s internal reporting system in deciding how to allocate resources and assess performance for individual business segments. The company’s reportable segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at September 30, 2025.

Non-GAAP Financial Measures

Net operating income available to common shareholders Non-GAAP reconciliations: |  | UMB Financial Corporation |
(unaudited, dollars in thousands except per share data) |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income available to common shareholders (GAAP) |  | $ | 180,372 |  |  | $ | 109,643 |  |  | $ | 475,074 |  |  | $ | 321,246 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Day 1 acquisition provision expense |  |  | — |  |  |  | — |  |  |  | 62,037 |  |  |  | — |
Acquisition expense |  |  | 35,603 |  |  |  | 2,611 |  |  |  | 102,266 |  |  |  | 12,592 |
Severance expense |  |  | 404 |  |  |  | 48 |  |  |  | 1,222 |  |  |  | 324 |
FDIC special assessment |  |  | (1,679 | ) |  |  | (1,730 | ) |  |  | (1,776 | ) |  |  | 7,470 |
Tax-impact of adjustments (i) |  |  | (8,154 | ) |  |  | (214 | ) |  |  | (38,020 | ) |  |  | (4,689 | )
Total Non-GAAP adjustments (net of tax) |  |  | 26,174 |  |  |  | 715 |  |  |  | 125,729 |  |  |  | 15,697 |
Net operating income (Non-GAAP) |  | $ | 206,546 |  |  | $ | 110,358 |  |  | $ | 600,803 |  |  | $ | 336,943 |
Earnings per common share - diluted (GAAP) |  | $ | 2.36 |  |  | $ | 2.23 |  |  | $ | 6.53 |  |  | $ | 6.56 |
Day 1 acquisition provision expense |  |  | — |  |  |  | — |  |  |  | 0.85 |  |  |  | — |
Acquisition expense |  |  | 0.46 |  |  |  | 0.06 |  |  |  | 1.40 |  |  |  | 0.26 |
Severance expense |  |  | 0.01 |  |  |  | — |  |  |  | 0.02 |  |  |  | 0.01 |
FDIC special assessment |  |  | (0.02 | ) |  |  | (0.04 | ) |  |  | (0.02 | ) |  |  | 0.15 |
Tax-impact of adjustments (i) |  |  | (0.11 | ) |  |  | — |  |  |  | (0.52 | ) |  |  | (0.10 | )
Operating earnings per common share - diluted (Non-GAAP) |  | $ | 2.70 |  |  | $ | 2.25 |  |  | $ | 8.26 |  |  | $ | 6.88 |
GAAP |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets |  |  | 1.04 | % |  |  | 1.01 | % |  |  | 0.98 | % |  |  | 1.01 | %
Return on average common equity |  |  | 10.14 |  |  |  | 12.63 |  |  |  | 9.84 |  |  |  | 13.13 |
Non-GAAP |  |  |  |  |  |  |  |  |  |  |  |
Operating return on average assets |  |  | 1.20 | % |  |  | 1.01 | % |  |  | 1.23 | % |  |  | 1.06 | %
Operating return on average common equity |  |  | 11.61 |  |  |  | 12.71 |  |  |  | 12.45 |  |  |  | 13.77 |

(i) Calculated using the company’s marginal tax rate of 24.0% for 2025 and 23.0% for 2024. Certain merger-related expenses are non-deductible.

Operating noninterest expense and operating efficiency ratio Non-GAAP reconciliations: |  | UMB Financial Corporation |
(unaudited, dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Noninterest expense |  | $ | 419,285 |  |  | $ | 252,454 |  |  | $ | 1,197,240 |  |  | $ | 756,325 |
Adjustments to arrive at operating noninterest expense (pre-tax): |  |  |  |  |  |  |  |  |  |  |  |
Acquisition expense |  |  | 35,603 |  |  |  | 2,611 |  |  |  | 102,266 |  |  |  | 12,592 |
Severance expense |  |  | 404 |  |  |  | 48 |  |  |  | 1,222 |  |  |  | 324 |
FDIC special assessment |  |  | (1,679 | ) |  |  | (1,730 | ) |  |  | (1,776 | ) |  |  | 7,470 |
Total Non-GAAP adjustments (pre-tax) |  |  | 34,328 |  |  |  | 929 |  |  |  | 101,712 |  |  |  | 20,386 |
Operating noninterest expense (Non-GAAP) |  | $ | 384,957 |  |  | $ | 251,525 |  |  | $ | 1,095,528 |  |  | $ | 735,939 |
Noninterest expense |  | $ | 419,285 |  |  | $ | 252,454 |  |  | $ | 1,197,240 |  |  | $ | 756,325 |
Less: Amortization of other intangibles |  |  | 25,317 |  |  |  | 1,917 |  |  |  | 68,067 |  |  |  | 5,788 |
Noninterest expense, net of amortization of other intangibles (Non-GAAP) (numerator A) |  | $ | 393,968 |  |  | $ | 250,537 |  |  | $ | 1,129,173 |  |  | $ | 750,537 |
Operating noninterest expense |  | $ | 384,957 |  |  | $ | 251,525 |  |  | $ | 1,095,528 |  |  | $ | 735,939 |
Less: Amortization of other intangibles |  |  | 25,317 |  |  |  | 1,917 |  |  |  | 68,067 |  |  |  | 5,788 |
Operating expense, net of amortization of other intangibles (Non-GAAP) (numerator B) |  | $ | 359,640 |  |  | $ | 249,608 |  |  | $ | 1,027,461 |  |  | $ | 730,151 |
Net interest income |  | $ | 475,042 |  |  | $ | 247,376 |  |  | $ | 1,339,705 |  |  | $ | 731,918 |
Noninterest income |  |  | 203,298 |  |  |  | 158,743 |  |  |  | 591,681 |  |  |  | 462,906 |
Less: Gains on sales of securities available for sale, net |  |  | 91 |  |  |  | — |  |  |  | 514 |  |  |  | 139 |
Total Non-GAAP Revenue (denominator A) |  | $ | 678,249 |  |  | $ | 406,119 |  |  | $ | 1,930,872 |  |  | $ | 1,194,685 |
Efficiency ratio (numerator A/denominator A) |  |  | 58.09 | % |  |  | 61.69 | % |  |  | 58.48 | % |  |  | 62.82 | %
Operating efficiency ratio (Non-GAAP) (numerator B/denominator A) |  |  | 53.02 |  |  |  | 61.46 |  |  |  | 53.21 |  |  |  | 61.12 |

Operating pre-tax, pre-provision income non-GAAP reconciliations: | UMB Financial Corporation |
(unaudited, dollars in thousands except per share data) |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net interest income (GAAP) |  | $ | 475,042 |  |  | $ | 247,376 |  |  | $ | 1,339,705 |  |  | $ | 731,918 |
Noninterest income (GAAP) |  |  | 203,298 |  |  |  | 158,743 |  |  |  | 591,681 |  |  |  | 462,906 |
Noninterest expense (GAAP) |  |  | 419,285 |  |  |  | 252,454 |  |  |  | 1,197,240 |  |  |  | 756,325 |
Adjustments to arrive at operating noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |
Acquisition expense |  |  | 35,603 |  |  |  | 2,611 |  |  |  | 102,266 |  |  |  | 12,592 |
Severance expense |  |  | 404 |  |  |  | 48 |  |  |  | 1,222 |  |  |  | 324 |
FDIC special assessment |  |  | (1,679 | ) |  |  | (1,730 | ) |  |  | (1,776 | ) |  |  | 7,470 |
Total Non-GAAP adjustments |  |  | 34,328 |  |  |  | 929 |  |  |  | 101,712 |  |  |  | 20,386 |
Operating noninterest expense (Non-GAAP) |  |  | 384,957 |  |  |  | 251,525 |  |  |  | 1,095,528 |  |  |  | 735,939 |
Operating pre-tax, pre-provision income (Non-GAAP) |  | $ | 293,383 |  |  | $ | 154,594 |  |  | $ | 835,858 |  |  | $ | 458,885 |
Net interest income earnings per common share - diluted (GAAP) |  | $ | 6.22 |  |  | $ | 5.04 |  |  | $ | 18.42 |  |  | $ | 14.94 |
Noninterest income (GAAP) |  |  | 2.66 |  |  |  | 3.24 |  |  |  | 8.13 |  |  |  | 9.45 |
Noninterest expense (GAAP) |  |  | 5.49 |  |  |  | 5.15 |  |  |  | 16.46 |  |  |  | 15.44 |
Acquisition expense |  |  | 0.46 |  |  |  | 0.06 |  |  |  | 1.40 |  |  |  | 0.26 |
Severance expense |  |  | 0.01 |  |  |  | — |  |  |  | 0.02 |  |  |  | 0.01 |
FDIC special assessment |  |  | (0.02 | ) |  |  | (0.04 | ) |  |  | (0.02 | ) |  |  | 0.15 |
Operating pre-tax, pre-provision earnings per common share - diluted (Non-GAAP) |  | $ | 3.84 |  |  | $ | 3.15 |  |  | $ | 11.49 |  |  | $ | 9.37 |

Operating pre-tax, pre-provision income - FTE Non-GAAP reconciliations: |  | UMB Financial Corporation |
(unaudited, dollars in thousands except per share data) |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net interest income (GAAP) |  | $ | 475,042 |  |  | $ | 247,376 |  |  | $ | 1,339,705 |  |  | $ | 731,918 |
Adjustments to arrive at net interest income - FTE: |  |  |  |  |  |  |  |  |  |  |  |
Tax equivalent interest |  |  | 8,314 |  |  |  | 6,601 |  |  |  | 24,110 |  |  |  | 19,524 |
Net interest income - FTE (Non-GAAP) |  |  | 483,356 |  |  |  | 253,977 |  |  |  | 1,363,815 |  |  |  | 751,442 |
Noninterest income (GAAP) |  |  | 203,298 |  |  |  | 158,743 |  |  |  | 591,681 |  |  |  | 462,906 |
Noninterest expense (GAAP) |  |  | 419,285 |  |  |  | 252,454 |  |  |  | 1,197,240 |  |  |  | 756,325 |
Adjustments to arrive at operating noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |
Acquisition expense |  |  | 35,603 |  |  |  | 2,611 |  |  |  | 102,266 |  |  |  | 12,592 |
Severance expense |  |  | 404 |  |  |  | 48 |  |  |  | 1,222 |  |  |  | 324 |
FDIC special assessment |  |  | (1,679 | ) |  |  | (1,730 | ) |  |  | (1,776 | ) |  |  | 7,470 |
Total Non-GAAP adjustments |  |  | 34,328 |  |  |  | 929 |  |  |  | 101,712 |  |  |  | 20,386 |
Operating noninterest expense (Non-GAAP) |  |  | 384,957 |  |  |  | 251,525 |  |  |  | 1,095,528 |  |  |  | 735,939 |
Operating pre-tax, pre-provision income - FTE (Non-GAAP) |  | $ | 301,697 |  |  | $ | 161,195 |  |  | $ | 859,968 |  |  | $ | 478,409 |
Net interest income earnings per common share - diluted (GAAP) |  | $ | 6.22 |  |  | $ | 5.04 |  |  | $ | 18.42 |  |  | $ | 14.94 |
Tax equivalent interest |  |  | 0.11 |  |  |  | 0.13 |  |  |  | 0.33 |  |  |  | 0.39 |
Net interest income - FTE (Non-GAAP) |  |  | 6.33 |  |  |  | 5.17 |  |  |  | 18.75 |  |  |  | 15.33 |
Noninterest income (GAAP) |  |  | 2.66 |  |  |  | 3.24 |  |  |  | 8.13 |  |  |  | 9.45 |
Noninterest expense (GAAP) |  |  | 5.49 |  |  |  | 5.15 |  |  |  | 16.46 |  |  |  | 15.44 |
Acquisition expense |  |  | 0.46 |  |  |  | 0.06 |  |  |  | 1.40 |  |  |  | 0.26 |
Severance expense |  |  | 0.01 |  |  |  | — |  |  |  | 0.02 |  |  |  | 0.01 |
FDIC special assessment |  |  | (0.02 | ) |  |  | (0.04 | ) |  |  | (0.02 | ) |  |  | 0.15 |
Operating pre-tax, pre-provision income - FTE earnings per common share - diluted (Non-GAAP) |  | $ | 3.95 |  |  | $ | 3.28 |  |  | $ | 11.82 |  |  | $ | 9.76 |

Tangible book value non-GAAP reconciliations: | UMB Financial Corporation |
(unaudited, dollars in thousands except share and per share data) |  |  |  |  |  |
|  | As of September 30, |
|  | 2025 |  |  | 2024 |
Total common shareholders' equity (GAAP) |  | $ | 7,161,853 |  |  | $ | 3,535,489 |
Less: Intangible assets |  |  |  |  |  |
Goodwill |  |  | 1,835,298 |  |  |  | 207,385 |
Other intangibles, net |  |  | 511,450 |  |  |  | 65,564 |
Total intangibles, net |  |  | 2,346,748 |  |  |  | 272,949 |
Total tangible common shareholders' equity (Non-GAAP) |  | $ | 4,815,105 |  |  | $ | 3,262,540 |
Total common shares outstanding |  |  | 75,953,713 |  |  |  | 48,797,672 |
Ratio of total common shareholders' equity (book value) per share |  | $ | 94.29 |  |  | $ | 72.45 |
Ratio of total tangible common shareholders' equity (tangible book value) per share (Non-GAAP) |  |  | 63.40 |  |  |  | 66.86 |